Elon Musk Net Worth Dives $12 Billion As Tesla Investors Grow ‘Tired' Of Antics
The second Trump presidency hasn't been the boon for former 'first buddy' Elon Musk's Tesla stock ... More investors had hoped, as shares are down more than 30% since Inauguration Day. AFP via Getty Images
In a far less painful day for the broader market, Tesla stock fell 7%, or about $21 per share, in response to Musk's unveiling of his 'America Party' and the subsequent sparring between Musk and President Donald Trump, who Musk donated $288 million to help elect last year.
'Investors are growing tired of the distraction' from Musk, William Blair analyst Jed Dorsheimer wrote in a Monday note to clients downgrading his rating for Tesla stock from a buy to a hold on the less favorably federal regulatory credit environment for electric vehicles in Trump's megabill signed last week.
Musk's net worth tumbled $12 billion Monday to $393 billion, which is still the largest fortune in the world by a more than $100 billion margin, according to Forbes' latest estimates.
Despite the initial enthusiasm for the self-proclaimed 'first buddy' Musk and what his cozy White House role would mean for Tesla stock, it's been a dark stretch for Tesla investors, with shares down 31% since Inauguration Day, far worse than the S&P 500 benchmark's 4% advance.
'Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/ shareholders want him to take,' Wedbush analyst Dan Ives, long one of the most bullish analysts covering Tesla, wrote Sunday. Big Number
55%. That's the proportion of Americans who hold an unfavorable view of Musk compared to 37% of those with favorable opinions and 8% with no take, according to Silver Bulletin's weighted average of dozens of polls on Musk. Just 45% of Americans had an unfavorable view of Musk at the end of last year as his favorability fell among Democrats, Republicans and independents declined during 2025's first half.
The across-the-board souring on Musk translated into dim sales for Tesla vehicles, as the company logged its worst-ever annual vehicle delivery declines in each of 2025's first two quarters. Citing a 'troubling trend' in sales data, J.P. Morgan analysts predicted Monday this will be Tesla's worst year for deliveries since 2022. The Musk-Trump alliance started to unravel in June over fiscal hawk Musk's disagreement with Trump's spending package, which the Congressional Budget Office projects will widen the national debt by $3.4 trillion. After the pair appeared to make nice, the feud escalated again last week, culminating in Trump calling Musk a 'TRAIN WRECK' and Musk apparently accusing the Trump administration of lying about the contents of the Epstein Files, referring to the documents surrounding the late convicted sex offender Jeffrey Epstein which Musk claimed implicated Trump in a since-deleted post. Surprising Fact
Musk lost nearly as much in his personal net worth Monday than the $15 billion total market value of Rivian, Tesla's top American EV competitor. Further Reading Forbes Elon Musk (And Tesla) Became Much More Unpopular —As Unfavorability Soars To 55% By Derek Saul Forbes The Musk-Trump Feud Returns: X Owner Posts About 'Epstein List' Again After President Calls America Party 'Ridiculous' By Siladitya Ray Forbes Tesla Vehicle Deliveries Shrank 13% Last Quarter — A Historic Decline As Elon Musk's Troubles Mount By Derek Saul
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Ultra-Rare Metal Rides AI Boom as Commodities Star Performer
(Bloomberg) -- Thanks to the boom in artificial intelligence, an ultra-rare element you've probably never heard of is one of this year's best-performing raw materials. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Ruthenium, a silvery gray mineral, has eclipsed the headline-grabbing rallies in other commodities like gold and silver by nearly doubling in price over the past year to $800 an ounce, according to metals refiner Johnson Matthey Plc. That matches its peak in 2021 and isn't far off the all-time high of $870 hit 18 years ago. The platinum group metal is prized for its exceptional hardness, and versatility across electronics, energy storage, and chemicals manufacturing. But it's the AI revolution — particularly in hard disks — that's driven recent gains, according to SFA (Oxford) Ltd., a critical minerals consultancy. 'As AI rolls out, as data storage requirements increase, you need a technology which is still cheap, cost-effective and can store large quantities of data,' said analyst Sandeep Kaler. Technology that leans on other elements is still very expensive, which means demand for ruthenium will keep rising unless cheaper alternatives can be found, she said. The metal is very hard to come by, and it's not traded on any exchanges. Traders are scrambling for any supplies they can get, and even major buyers are having trouble sourcing ruthenium, according to two traders who asked not to be named as the information isn't public. Dwindling production is likely to provide further support to prices. Annual supply of the mineral, which is mostly derived as a byproduct of platinum, was just 30 tons last year, and is expected to fall due to a lack of investment after many lean years for prices, said Kaler. The market is likely to tip into a deficit next year, where demand outstrips supply, she said. But the amounts used are minuscule. In hard disk drives, ruthenium allows for greater density of data and appears as a film less than a nanometer thick. Growth in cloud computing is set to raise hard disk sales by 16% this year, according to figures from International Data Corp. cited by Bloomberg Intelligence, which will in turn fuel ruthenium consumption. (Updates with details on scarcity in the 5th paragraph) How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs The Quest for a Hangover-Free Buzz Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
Trending tickers: latest investor updates on TSMC, Netflix, Rigetti, Novartis and EasyJet
TSMC (TSM, Shares in TSMC (TSM) were 4% higher in pre-market trading as the world's main producer of advanced AI chips, posted record quarterly profits, driven by surging demand for artificial intelligence processors. The company reported a 60.7% year-on-year increase in net profit for the second quarter, beating analysts' expectations, as it continues to benefit from strong demand for high-performance chips used in AI applications. TSMC, which manufactures advanced semiconductors for clients including Nvidia (NVDA) and Apple (AAPL), said it expects third-quarter revenue to reach between $31.8bn (£23.7bn) and $33bn, a 38% increase from a year earlier, and up 8% on the previous quarter at the midpoint of its guidance. "The primary driver of growth for TSMC has been the robust demand for AI related chips, particularly for the leading edge nodes below 7nm," said Brady Wang, associate director at Counterpoint Research. Read more: UK jobs market continues to cool, pay growth slows "Surging demand from the AI boom is highly sustainable in the near term, with AI still in its very beginning stages and continues to expand across industries," Wang added. Taiwan-listed shares in TSMC ( surged nearly 80% last year, but have gained only 5% so far this year amid concerns over tariffs and unfavourable currency exchange rates. Ben Barringer, global technology analyst at Quilter Cheviot, said: "Geographic expansion continues at pace, with six fabrication plants in Arizona, two in Japan, one in Germany, and 11 in Taiwan meaning nine out of 20 new fabs are now located outside Taiwan. Capital expenditure remains unchanged, signaling stability and some conservatism given macro and tariffs. "While shipments of Nvidia's H20 inference chips to China were temporarily halted, they have now resumed and a full recovery here would provide a meaningful boost. TSMC is increasingly dominant in production and advanced packaging, with demand exceeding their output." Netflix (NFLX) Shares in Netflix (NFLX) were just above the flatline ahead of the US opening bell on Thursday as the streaming company kicks off this season's Big Tech earnings reports. The company posted revenues of $10.5bn in the first quarter, marking a 13% year-on-year increase. Its earnings per share (EPS) reached $6.61, a 25% rise from the previous year. These results followed strong revenue and EPS growth in the fourth quarter, which had surpassed investor expectations. Netflix forecasts this positive momentum will continue into the second quarter, with revenues expected to hit $11.04bn, a 15.4% increase compared to the same period last year. Its projected EPS is $7.03, up 44.1% from a year ago. Additionally, the company expects operating margins to rise from 27.2% in Q2 2024 to 33.3%. Read more: Stocks that are trending today However, Netflix's price-to-earnings (P/E) ratio stands at 49.62 times forward earnings, significantly higher than the Broadcast Radio and Television industry's forward multiple of 35.79. "This high valuation suggests Netflix's potential for post-earnings growth is limited, as Wall Street already expects the company to beat second-quarter estimates. If the company fails to meet or exceed projections, investors should prepare for a potential sell-off," Zachs Investment Research said in a note. Netflix is set to report second-quarter earnings this Thursday, after market close. Rigetti (RGTI) Shares in Rigetti Computing (RGTI) were trending in pre-market trading after surging over 30% in the previous session following the company's announcement of a major breakthrough in quantum computing. Rigetti said it had achieved 99.5% median two-qubit gate fidelity on its 36-qubit system, which means it has cut its error rate in half compared to its previous record. Gate error is a major barrier to quantum computing achieving viability outside the lab. While 99.5% accuracy seems high, a classical computer has a much lower error rate but it puts the company one step closer to making quantum computing commercially viable. Read more: FTSE 100 LIVE: Stocks higher as UK unemployment hits four-year high The announcement led to an upgrade from a top analyst, who sees more potential upside for the stock. Brian Kinstlinger, an analyst at Alliance Global Partners, raised his price target on Rigetti from $16 to $18, while maintaining his Buy rating. Rigetti has argued that its chiplet-based architecture is more scalable than traditional monolithic quantum processors, which could give it a competitive advantage as demand for practical quantum applications rises. "We benefit from the many advantages of superconducting qubits, including gate speeds more than 1,000x faster than other modalities like ion trap and pure atoms, and scalability," Subodh Kulkarni, Rigetti CEO, said. Novartis (NVS) Shares in Novartis (NVS) were lower in pre-market trading in the US, as investors appeared unconvinced by the company's announcement of a share buyback of up to $10bn and a raised full-year profit guidance, despite continued demand for key drugs driving growth in second-quarter sales and earnings. In April, Novartis had narrowed its earnings target range to rule out growth below 10%. Second-quarter operating income, adjusted for special items, rose 20% to $5.9bn, slightly exceeding analyst forecasts, while sales climbed 12% to $14bn. The Swiss pharmaceutical company is preparing for the patent expiration of its heart drug Entresto, the company's best-seller, and the arrival of generic competitors. However, it pointed to strong performances from recently launched treatments such as Pluvicto for prostate cancer, Scemblix for leukaemia, and a new indication for breast cancer treatment Kisqali as evidence of the replacement power within its portfolio. Stocks: Create your watchlist and portfolio The new buyback, which runs through 2027, reflects the company's confidence in its medium- to long-term growth prospects and its solid balance sheet, said Novartis chief executive Vas Narasimhan. "Our robust balance sheet and confidence in our mid- and long-term growth enable us to initiate an up-to $10bn share buyback as part of our commitment to balanced capital allocation," Vas Narasimhan explained. Earlier this year, Novartis pledged to spend $23bn over the next five years to expand its footprint in the US and recently completed a $15bn repurchase program launched in 2023. Shares also declined on the Swiss stock exchange, where the company trades under EasyJet (EZJ.L) Shares in EasyJet (EZJ.L) plunged more than 7% in London after the low-cost carrier warned that 'worsening' air traffic control delays and rising fuel prices would impact its full-year profits, even as it reported strong demand for travel this summer. The airline forecast a £25m hit to profits for the year ending September, following a third-quarter pre-tax profit increase of £50m to £286m, in line with analyst expectations. "We are extremely unhappy with the strike action by the French ATC in early July, which as well as presenting unacceptable challenges for customers and crew also created unexpected and significant costs for all airlines," EasyJet CEO Kenton Jarvis said in a statement. Read more: UK's 'shoddiest' companies revealed after consumer letdowns While demand for EasyJet's budget-friendly flights and holiday packages has remained strong, the airline noted that travellers are taking longer to book tickets amid deteriorating global macroeconomic sentiment, a trend that it said is ongoing. EasyJet reported pre-tax profits of £286m for the three months to the end of June, a 21% year-on-year rise, in line with analyst estimates. Passenger numbers grew 2%, with the carrier benefiting from the timing of Easter, which fell in the third quarter this year. The airline expressed optimism about the peak summer months and said its outlook for the rest of the financial year 'remains positive,' forecasting 'good profit growth' year on in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
The vice president has been dragged into the controversy over Jeffrey Epstein's client list.
Vice President JD Vance has now entered the Jeffrey Epstein chat, with resurfaced footage from a MAGA podcaster coming back to haunt him. Vance went on Theo Von's This Past Weekend podcast last October, shortly before the 2024 presidential election. As the pair were discussing Vance's childhood, he noted: 'Everybody in politics has a vice that's much worse than alcoholism.' Von then says: 'Release the list!' Both men laugh hysterically before Vance adds, 'Seriously, we need to release the Epstein list, that is an important thing. We can go down that rabbit hole.'
